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July 18, 2019
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Commercial Real Estate Financing Briefs

1/14/19

HFF - A 28.1k sf high-street, retail property on Beverly Hills’ iconic Rodeo Drive was refinanced with a new 10-year fixed-rate loan for $160 mil. The borrower is an unnamed private investor. The fully leased, two-story property is home to TOM FORD, Bally and Balenciaga, three of the most iconic fashion designers in the world. Situated on a double lot at 338-346 North Rodeo Drive, the building is in the middle of the premier 300 block and directly across the street from the flagship Gucci store. HFF’s Marc Schillinger arranged the loan. It was funded through an entity managed by an affiliate of Apollo Global Management LLC.

NEWMARK REALTY CAPITAL - Mark Ritchie and Jasmine Polson with Newmark Realty Capital arranged $52 mil in financing for Torrance Towne Center, a 266k sf retail center anchored by Kohl’s and Smart & Final in L.A.’s South Bay region. The 10-year, interest-only loan was funded through a correspondent CMBS lender. The loan will be serviced by Newmark.

AVISON YOUNG - Jay Maddox and Peter Sherman with Avison Young arranged a $29 mil loan to refinance the construction and sell-out of Golden Galaxy Plaza Condominiums, a partially completed 80-unit condominium project located in Los Angeles’ Koreatown community. The loan was funded by Parkview Financial. The project is located on Leeward Ave, two blocks south of the Wilshire/Vermont MTA station. It will feature luxury condominium units ranging in size from 493 sf to 1.8k sf, with an average unit size of 1.2k sf, and consist of a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. All units will feature modern appliances and top quality amenities. The five-story building includes a pool, spa, interior courtyards, gym, meeting space, and 188-stall subterranean parking garage. Completion is anticipated in Spring of 2019.

MISSION CAPITAL ADVISORS - Jason Parker, Steven Buchwald and Alex Draganiuk with Mission Capital Advisors arranged a $7.3 mil, non-recourse land loan for the acquisition of 5656 San Felipe Street, a 1.26-acre development site in Houston. The borrower, Houston-based Pelican Builders, is working to finalize plans for an as-of-right, 17-story condominium project, which will include 67 luxury residences and 191 parking spaces. Located at the nexus of the highly desirable Galleria/Uptown and Tanglewood neighborhoods, the 322.7k sf property will provide the area with much-needed luxury residential product. Current plans for the development call for 67 well-appointed residences with on-site amenities that include a pool deck, resident lounge, state-of-the-art fitness center and a dog park. The project is expected to break ground in October 2019.





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